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Jindal Steel and Power prepays USD 106 million debt for Australian arm

Jindal Steel and Power said that the company is now aiming to clear all its overseas debt in the coming quarters.

Published: 08th September 2021 05:34 PM  |   Last Updated: 08th September 2021 05:34 PM   |  A+A-

Jindal Steel and Power

Jindal Steel and Power (File photo | Bloomberg)

By PTI

NEW DELHI: Jindal Steel and Power (JSPL) has made a pre-payment of USD 106 million (about Rs 777.4 crore) to the lenders of its arm Jindal Steel & Power (Australia) Ltd. Without sharing further details, the steelmaker said the prepayment has helped the company reduce the "Australian debt" by approximately 50 per cent.

In a statement on Wednesday, Jindal Steel and Power Limited (JSPL) said through its step down subsidiary, Jindal Steel & Power (Australia) Ltd it has made a pre-payment of 105.66 million USD (approximately Rs 777.4 crore). The company is now aiming to clear all its overseas debt in the coming quarters, the statement said.

JSPL Managing Director VR Sharma said, "We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt-free company by FY23 through accelerated deleveraging."

Part of OP Jindal Group, JSPL has a presence in steel, power and mining sectors. The company has made investments worth USD 12 billion USD (Rs 90,000 crore) across the globe.



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